The U.S. Energy Information Administration (EIA) reported an injection of 96 Bcf natural gas into storage for the week ended May 19. The result marked a second-consecutive bullish print relative to market expectations, but it was on par with the five-year average and left Nymex natural gas futures languishing.

At A Glance:

  • U.S. EIA reports 96 Bcf injection
  • U.S. demand proves light
  • Prompt month gains 7.7 cents

Natural gas futures forged ahead Wednesday, ending a three-day retreat despite weak weather-driven demand, steady production and expectations for a triple-digit storage increase.

The June Nymex gas futures contract on Wednesday gained 7.7 cents day/day and closed at $2.398/MMBtu. July also rose by 7.7 cents and settled at $2.566. 

NGI’s Spot Gas National Avg. shed...